NORTHERN ONTARIO - QUEENSTON MINING and KIRKLAND LAKE GOLD (KL Gold) have formed a 50/50 joint venture to explore property owned in part by NEWMONT MINING CORP. OF CANADA. The area of interest, Kirkland Lake West, is adjacent to the western boundary of KL Gold's Macassa mine. This may be the western extension of the Main/'04 Break ore horizon which has produced 24 million oz of gold, says Queenston.
The Kirkland Lake West property covers a 1.75-km projection of the same gold corridor hosting five contiguous minesMacassa, Kirkland Minerals, Teck-Hughes, Lake Shore and Wright Hargreaves (all now owned by KL Gold). Earlier (1988-91) work by a previous operator included short drifts from the Macassa No. 3 shaft testing the '04 Break west of the Amikougami Fault. A limited amount of diamond drilling was completed, and the best drill hole intersected the '04 Break about 45 metres above the 4750 level. It returned an assay interval of 9.26 g/t Au over a core length of 6.74 metres including a 610-mm core length interval assaying 36.68 g/t Au and a 365-mm length interval assaying 29.14 g/t Au. This mineralization is located 235 metres west of the Amikougami Fault and 580 metres west the No.3 shaft. Since 1991 no further underground exploration was conducted on the property.
Queenston is offering KL Gold the opportunity to earn up to a 50% interest in its half of the Kirkland Lake West property if KL Gold spends $400,000 on the property. Further exploration expenses would be shared until the $2.5-million earn-in threshold is reached. At that time the property will be held 25% by Queenston, 25% by KL Gold and 50% by Newmont. KL Gold will manage the project. Underground rehabilitation, drifting and crosscutting to establish a drill station is planned.
Further information is available at either www.Queenston.ca or www.KLGold.com.
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